Milstern Health Care acknowledges worst kept secret of retirement sector – announces sale of Sydney village portfolio

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The organisation – owned by Millie Phillips – is looking to offload its seven ‘Golden Lifestyles’ villages in an off-market confidential deal through CBRE and Colliers International.

Price expectations for the villages are between $50 and $60 million.

Each of the sites are located within Sydney’s inner city or surrounding suburbs – including Windsor Gardens in Chatswood (North Shore – pictured), the Bayside Park Self Care Retirement Village (South Sydney) and Rose Bay Towers (Eastern Suburbs).

The total portfolio includes just over 350 independent living units with an indicative average median house price of over $2 million – with some housed in historic properties.

It is understood that Milstern is looking to offload the properties in a single sale but will also consider the sale of individual villages.

As we reported here, the group closed two of its other villages after they failed a significant number of Department of Health accreditation standards across a range of health and safety issues – after which residents were transferred to alternative care and accommodation.

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